The following Regulation Z provisions apply to both open-end and closed-end home equity loans:

Open-End Credit

General Disclosure Requirements

Form of Disclosures

Home equity disclosures must be made clearly and conspicuously in writing, and must be grouped together and segregated from all unrelated information. The disclosures may be provided on the application form or on a separate form, and need not be in a form the member can keep.

For an application that is accessed by the member in electronic form, the required disclosures may be provided in electronic form on or with the application. Whether disclosures must be in electronic form depends upon the following:

• If a member accesses a home equity credit line application electronically, such as online at a home computer, the credit union must provide the disclosures in electronic form (such as with the application form on its Web site) in order to meet the requirement to provide disclosures in a timely manner on or with the application. If the credit union instead mailed paper disclosures to the member, this requirement would not be met.
• In contrast, if a member is physically present in the credit union's office, and accesses a home equity credit line application electronically, such as via a terminal or kiosk (or if the member uses a terminal or kiosk located on the premises of an affiliate or third party that has arranged with the credit union to provide applications to members), the credit union may provide disclosures in either electronic or paper form, provided the credit union complies with the timing, delivery, and retainability requirements of the regulation.

When the term “annual percentage rate” is required to be disclosed with a number, it must be more conspicuous than other required disclosures.

Time of Disclosures

The required disclosures and brochure must be provided at the time a home equity loan application is provided to the member. If the application is contained in a magazine or other publication, or it is received by telephone or through an intermediary agent or broker, the disclosures and brochure may be delivered or placed in the mail not later than three (3) business days following receipt of a member's application.

For publicly-available applications, such as “take-ones,”the disclosures and a brochure must be included with the application.

A credit union may solicit members for its home equity plan by mailing a response card which the member returns to indicate interest in the plan. If the only action taken by the credit union upon receipt of the response card is to send the member an application form or to telephone the member to discuss the plan, the credit union need not send the disclosures and brochure with the response card.

Denial or Withdrawal of Application

In situations where the three-day delay in providing disclosures and the brochure applies, if the credit union determines within that period that an application will not be approved, or the member withdraws the application, the disclosures and brochure need not be provided.

Duties of Third Parties

Persons other than the credit union who provide applications to members for home equity plans must provide the required brochure at the time an application is provided. If such persons have the required disclosures for a credit union's home equity plan, they must also provide the disclosures at such time.

Content of Disclosures

The credit union must provide the following disclosure statements, as applicable:

• The member should make or otherwise retain a copy of the disclosures;
• The time by which the member must submit an application to obtain specific terms disclosed and an identification of any disclosed term that is subject to change prior to opening the plan (either a specific date or a time period);
• If a disclosed term changes (other than a change due to fluctuations in the index in a variable-rate plan) prior to opening the plan and the member elects not to open the plan, the member may receive a refund of all fees paid in connection with the application¹;
• The credit union will acquire a security interest in the member's dwelling and that loss of the dwelling may occur in the event of default;
• Under certain conditions, the credit union may terminate the plan and require payment of the outstanding balance in full in a single payment and impose fees upon termination; prohibit additional extensions of credit or reduce the credit limit; and, as specified in the initial agreement, implement certain changes in the plan.
   
  • The member may receive, upon request, information about the conditions under which such actions may occur (or what those conditions are);

[The disclosures above must precede the other required disclosures (except the specific conditions outlined in the bullet point below)].

• The payment terms of the plan, including:
   
  • The length of the draw period and any repayment period;
  • An explanation of how the minimum periodic payment will be determined and the timing of the payments. If paying only the minimum periodic payments may not repay any of the principal or may repay less than the outstanding balance, a statement of this fact, as well as a statement that a balloon payment may result; and
  • An example, based on a $10,000 outstanding balance and a “recent annual percentage rate”² (APR), showing the minimum periodic payment, any balloon payment, and the time it would take to repay the $10,000 outstanding balance if the member made only those payments and obtained no additional extensions of credit.
     
• The APR and a statement that the rate does not include costs other than interest. For variable-rate plans:
   
  • The fact that the APR, payment or term may change;
  • The APR does not include costs other than interest;
  • The index used in making rate adjustments and a source of information about the index;
  • An explanation of how the APR will be determined, including an explanation of how the index is adjusted, such as by the addition of a margin;
  • The member should ask about the current index value, margin, discount or premium, and APR;
  • The initial APR is not based on the index and margin used to make later rate adjustments, and the period of time such initial rate will be in effect;
  • The frequency of changes in the APR;
  • Any rules relating to changes in the index value and the APR and resulting changes in the payment amount, including, for example, an explanation of payment limitations and rate carryover;
  • Any annual or more frequent periodic limitations on changes in the APR (or a statement that no annual limitation exists), as well as a statement of the maximum APR that may be imposed under each payment option;
  • The minimum periodic payment required when the maximum APR for each payment option is in effect for a $10,000 outstanding balance, and a statement of the earliest date or time the maximum rate may be imposed;
  • An historical example, based on a $10,000 extension of credit, illustrating how APRs and payments would have been affected by index value changes implemented according to the terms of the plan. The historical example must be based on the most recent 15 years of index values (selected for the same time period each year) and must reflect all significant plan terms, such as negative amortization, rate carryover, rate discounts, and rate and payment limitations that would have been affected by the index movement during the period; and
  • Rate information will be provided on or with each periodic statement.
     
• An itemization of any fees imposed by the credit union to open, use, or maintain the plan, stated as a dollar amount or percentage, and when such fees are payable;
• A good faith estimate, stated as a single dollar amount or range, of any fees that may be imposed by persons other than the credit union to open the plan, as well as a statement that the member may receive, upon request, a good faith itemization of such fees. In lieu of the statement, the itemization of such fees may be provided [This disclosure may be provided separately from the other required disclosures.];
• Negative amortization may occur and that negative amortization increases the principal balance and reduces the member's equity in the dwelling (if applicable);
• Any limitations on the number of extensions of credit and the amount of credit that may be obtained during any time period, as well as any minimum outstanding balance and minimum draw requirements, stated as dollar amounts or percentages; and
• The member should consult a tax advisor regarding the deductibility of interest and charges under the plan.

Brochure

The home equity brochure as shown on the Bureau of Consumer Financial Protection website or a suitable substitute must be provided. Credit unions are permitted to provide more detailed information than is contained in the BCFP's brochure.

If a credit union determines that a third party has provided the required brochure to a member, the credit union need not give the member a second brochure.

Limitations on Home Equity Plans

No credit union may, by contract or otherwise:

• Change the APR unless:
   
  • Such change is based on an index that is not under the credit union's control; and
  • Such index is available to the general public.
     
• Terminate a plan and demand repayment of the entire outstanding balance in advance of the original term (except for reverse mortgage transactions) unless:
   
  • There is fraud or material misrepresentation by the member in connection with the plan (at any time);
  • The member fails to meet the repayment terms of the agreement for any outstanding balance³;
  • Any action or inaction by the member adversely affects the credit union's security for the plan, or any right of the credit union in such security; or
  • Federal law dealing with credit extended by a credit union to its executive officers specifically requires that as a condition of the plan the credit shall become due and payable on demand, provided that the credit union includes such a provision in the initial agreement.
     
• Change any term, except that a credit union may:
   
  • Provide in the initial agreement that it may prohibit additional extensions of credit or reduce the credit limit during any period in which the maximum APR is reached, as well as that specified changes will occur if a specified event takes place (for example, that the APR will increase a specified amount if the member leaves the credit union's employment);
  • Change the index and margin used under the plan if the original index is no longer available, the new index has an historical movement substantially similar to that of the original index, and the new index and margin would have resulted in an APR substantially similar to the rate in effect at the time the original index became unavailable;
  • Make a specified change if the member specifically agrees to it in writing at that time⁴;
  • Make a change that will unequivocally benefit the member throughout the remainder of the plan;
  • Make an insignificant change to terms; or
  • Prohibit additional extensions of credit or reduce the credit limit applicable to an agreement during any period for as long as one or more of the following exists:
     
    • The value of the dwelling that secures the plan declines significantly below the dwelling's appraised value for purposes of the plan;
    • The credit union reasonably believes that the member will be unable to fulfill the repayment obligations under the plan because of a material change in the member's financial circumstances;
    • The member is in default of any material obligation under the agreement;
    • The member is precluded by government action from imposing the APR provided for in the agreement;
    • The priority of the credit union's security interest is adversely affected by government action to the extent that the value of the security interest is less than 120% of the credit line; or
    • The credit union is notified by its regulatory agency that continued advances constitute an unsafe and unsound practice.
       
• For reverse mortgage transactions, terminate a plan and demand repayment of the entire outstanding balance in advance of the original term except:
   
  • In the case of default;
  • If the member transfers title to the property securing the note;
  • If the member ceases using the property securing the note as the primary dwelling; or
  • Upon the member's death.

Refund of Fees

A credit union must refund all fees paid by the member to anyone in connection with an application if any term required to be disclosed changes (other than a change due to fluctuations in the index in a variable-rate plan) before the plan is opened and, as a result, the member elects not to open the plan.

Neither a credit union nor any other person may impose a nonrefundable fee in connection with an application until three (3) business days after the member receives the disclosures and brochure required under this section. If the disclosures and brochure are mailed to the member, the member is considered to have received them three (3) business days after they are mailed.

Account-Opening Disclosures

Required Disclosures

A credit union must disclose the following items in a form the member can keep, to the extent applicable:

• Finance Charge. The circumstances under which a finance charge will be imposed and an explanation of how it will be determined, as follows:
   
  • When finance charges begin to accrue, including an explanation of whether any time period exists within which any credit extended may be repaid without incurring a finance charge. If such a time period is provided, a credit union may, at its option and without disclosure, impose no finance charge when payment is received after the time period's expiration;
  • Each periodic rate that may be used to compute the finance charge, the range of balances to which it is applicable, and the corresponding APR. If a credit union offers a variable-rate plan, the following must also be disclosed:
     
    • The circumstances under which the rate(s) may increase;
    • Any limitations on the increase; and the effect(s) of an increase; and
    • When different periodic rates apply to different types of transactions, the types of transactions to which the periodic rates apply must also be disclosed. A credit union is not required to adjust the range of balances disclosure to reflect the balance below which only a minimum charge applies;
       
  • An explanation of the method used to determine the balance on which the finance charge may be computed; and
  • An explanation of how the amount of any finance charge will be determined, including a description of how any finance charge other than the periodic rate will be determined;
     
• Other Charges. The amount of any charge other than a finance charge that may be imposed as part of the plan, or an explanation of how the charge will be determined (e.g., late charges, over-the-limit charges, charges for documentary evidence, and residential mortgage transaction-related charges).
• Home-Equity Plan Information. The following disclosures described in §1026.5b(d), as applicable:
   
  • The conditions under which the credit union may take certain action (such as terminating the plan or changing the terms);
  • The payment information for both the draw period and any repayment period;
  • That negative amortization may occur;
  • Any transaction requirements;
  • The tax implications;
  • That the APR imposed under the plan does not include costs other than interest;
  • The variable-rate disclosures, unless the disclosures provided with the application were in a form the member could keep and included a representative payment example for the category of payment option chosen by the member.
     
• Security Interests. The fact that the credit union has or will acquire a security interest in the property purchased under the plan, or in other property identified by item or type.
• Statement of Billing Rights. A statement that outlines the member's rights and the credit union's responsibilities.

Periodic Statement

A credit union must provide members a periodic statement that discloses the following items, to the extent applicable:

• Previous Balance. The account balance outstanding at the beginning of the billing cycle.
• Identification of Transactions. An identification of each credit transaction.
• Credits. Any credit to the account during the billing cycle, including the amount and the date of crediting. The date need not be provided if a delay in accounting does not result in any finance or other charge. The total amount credited during the billing cycle is not required.
• Periodic Rates. Unless the exception applies, each periodic rate that may be used to compute the finance charge, the range of balances to which it is applicable, and the corresponding APR. If no finance charge is imposed when the outstanding balance is less than a certain amount, the credit union is not required to disclose that fact, or the balance below which no finance charge will be imposed. If different periodic rates apply to different types of transactions, the types of transactions to which the periodic rates apply must also be disclosed. For variable-rate plans, the fact that the periodic rate(s) may vary.
   
  • Exception. An APR that differs from the rate that would otherwise apply and is offered only for a promotional period need not be disclosed except in periods in which the offered rate is actually applied.
     
• Balance on Which Finance Charge Computed. The amount of the balance to which a periodic rate was applied and an explanation of how that balance was determined. When a balance is determined without first deducting all credits and payments made during the billing cycle, the fact and the amount of the credits and payments must be disclosed.
• Amount of Finance Charge and Other Charges. [Credit unions may comply with the regulation by disclosing the following, or with the requirements for open-end (not home-secured) plans, at their option.]
   
  • Finance Charges. The amount of any finance charge debited or added to the account during the billing cycle, using the term “finance charge.” The components of the finance charge must be individually itemized and identified to show the amount(s) due to the application of any periodic rates and the amounts(s) of any other type of finance charge. If there is more than one periodic rate, the amount of the finance charge attributable to each rate need not be separately itemized and identified.
  • Other Charges. The amounts, itemized and identified by type, of any charges other than finance charges debited to the account during the billing cycle. Disclosure of the total amount of other charges is optional.
     
• Annual Percentage Rate. At a credit union's option, when a finance charge is imposed during the billing cycle, the APR(s), using the term “annual percentage rate.”
• Grace Period. The date by which or the time period within which the new balance or any portion of the new balance must be paid to avoid additional finance charges. If such a time period is provided, a credit union may, at its option and without disclosure, impose no finance charge if payment is received after the time period's expiration.
• Address for Notice of Billing Errors. The address to be used for notice of billing errors. Alternatively, the address may be provided on the billing rights statement.
• Closing Date of Billing Cycle; New Balance. The closing date of the billing cycle and the account balance outstanding on that date.

Subsequent Disclosure Requirements

Furnishing Statement of Billing Rights

A credit union must mail or deliver the required billing rights statement at least once per calendar year, at intervals of not less than six (6) months nor more than 18 months, either to all members or to each member entitled to receive a periodic statement for any one billing cycle.

In the alternative, a credit union may mail or deliver, on or with each periodic statement, a statement substantially similar to FRB model form in Appendix G.

Written Notice Required

Whenever any term required to be disclosed is changed or the required minimum periodic payment is increased, the credit union must mail or deliver written notice of the change to each member who may be affected. The notice must be mailed or delivered at least 15 days prior to the effective date of the change. The 15-day timing requirement does not apply if the change has been agreed to by the member; the notice must be given, however, before the effective date of the change.

If the credit union prohibits additional extensions of credit or reduces the credit limit, the credit union must mail or deliver written notice of the action to each member who will be affected. The notice must be provided not later than three (3) business days after the action is taken and must contain specific reasons for the action. If the credit union requires a member to request reinstatement of credit privileges in writing, the notice must also state that fact.

Notice Not Required

A credit union is not required to provide notice in the following circumstances:

• When the change involves a reduction of any component of a finance or other charge;
• When the change results from an agreement involving a court proceeding; or
• The credit union freezes a line or reduces a credit line rather than terminating a plan and accelerating the balance.

Change in Terms

No notice of a change in terms need be given if the specific change is set forth initially, such as: rate increases under a properly disclosed variable-rate plan, a rate increase that occurs when an employee has been under a preferential rate agreement and terminates employment, or an increase that occurs when the member has been under an agreement to maintain a certain balance in a savings account in order to keep a particular rate and the account balance falls below the specified minimum.

State Law Issues

Examples of issues controlled by state or other applicable law include:

• The types of changes a creditor may make. (But see “Limitations on Home Equity Plans” above); and
• How changed terms affect existing balances, such as when a periodic rate is changed and the member does not pay off the entire existing balance before the new rate takes effect.

Change in Billing Cycle

A change-in-terms notice must be provided whenever a credit union changes the member’s billing cycle, if the change either affects any of the terms required to be disclosed or increases the minimum payment (unless an exception applies). For example, the credit union must give advance notice if it had initially disclosed a 25-day grace period on purchases and the member will have fewer days during the billing cycle change.

Affected Members

Change-in-terms notices need only go to those members who may be affected by the change. For example, a change in the periodic rate for check overdraft credit need not be disclosed to members who do not have that feature on their accounts.

Timing

The rule that the notice of the change in terms be provided at least 15 days before the change takes effect permits mid-cycle changes when there is clearly no retroactive effect, such as the imposition of a transaction fee. Any change in the balance computation method, in contrast, would need to be disclosed at least 15 days prior to the billing cycle in which the change is to be implemented.

Advance notice of 15 days is not necessary—that is, a notice of change in terms is required, but it may be mailed or delivered as late as the effective date of the change—in two circumstances:

• If there is an increased periodic rate or any other finance charge attributable to the member's delinquency or default; and
• If the member agrees to the particular change (i.e., by substituting collateral or when the credit union can advance additional credit only if a change relatively unique to that member is made, such as the member's providing additional security or paying an increased minimum payment amount).

Form of Change-in-Terms Notice

A complete new set of the initial disclosures containing the changed term complies if the change is highlighted in some way on the disclosure statement, or if the disclosure statement is accompanied by a letter or some other insert that indicates or draws attention to the term change.

When the term change is the addition of a security interest or the addition or substitution of collateral, a copy of the security agreement that describes the collateral securing the member's account may be used as the notice.

Payments

A credit union must credit a payment to the member's account as of the date of receipt, except when a delay in crediting does not result in a finance or other charge.

Specific Requirements for Payments

A credit union may specify reasonable requirements for payments that enable most members to make conforming payments, such as the following:

• Requiring that payments be accompanied by the account number or payment stub;
• Setting reasonable cut-off times for payments to be received by mail, by electronic means, by telephone, and in person, provided that such cut-off times shall be no earlier than 5 p.m. on the payment due date at the location specified by the credit union for the receipt of such payments;
• Specifying that only checks or money orders should be sent by mail;
• Specifying that payment is to be made in U.S. dollars; or
• Specifying one particular address for receiving payments, such as a post office box.

Nonconforming Payments

If a credit union specifies, on or with the periodic statement, requirements for the member to follow in making payments, but the member makes a nonconforming payment, the credit union must credit the payment within five (5) days of receipt. Finance charges may accrue for the period between receipt and crediting of payments.

Adjustment of Account

If a credit union fails to credit a payment in time to avoid the imposition of finance or other charges, the credit union must adjust the member's account so that the charges imposed are credited to the member's account during the next billing cycle.

Crediting of Payments When the Credit Union Does Not Receive or Accept Payments on Due Date

If the due date falls on a date when the credit union does not accept payments by mail, the credit union must treat the payment as timely on the next business day the credit union accepts or receives payments by mail. When an account is not eligible for a grace period, imposing a finance charge due to a periodic interest rate does not constitute treating a payment as late.

If the credit union accepts or receives payments made on the due date by a method other than mail, such as electronic or telephone payments, the credit union is not required to treat a payment made by that method on the next business day as timely, even if it does not accept mailed payments on the due date.

Billing Error Resolution

Definition of Billing Error

For purposes of this section, the term billing error means:

• A reflection on or with a periodic statement of an extension of credit that is not made to the member or to a person who has actual, implied, or apparent authority to use the member's credit card or open-end credit plan.
• A reflection on or with a periodic statement of an extension of credit that is not identified.
• A reflection on a periodic statement of the credit union's failure to credit properly a payment or other credit issued to the member's account.
• A reflection on a periodic statement of a computational or similar error of an accounting nature that is made by the credit union.
• A reflection on a periodic statement of an extension of credit for which the member requests additional clarification, including documentary evidence.
• The credit union's failure to mail or deliver a periodic statement to the member's last known address if that address was received by the member, in writing, at least 20 days before the end of the billing cycle for which the statement was required.

Billing Error Notice

A billing error notice is a written notice from a member that:

• Is received by a credit union at the address disclosed, as applicable, no later than 60 days after the credit union transmitted the first periodic statement that reflects the alleged billing error;
• Enables the credit union to identify the member's name and account number; and
• To the extent possible, indicates the member's belief and the reasons for the belief that a billing error exists, and the type, date, and amount of the error.

Time for Resolution

A credit union must mail or deliver written acknowledgment to the member within 30 days of receiving a billing error notice, unless the credit union has complied with the appropriate resolution procedures, as applicable, within the 30-day period.

A credit union must also comply with the appropriate resolution procedures, as applicable, within 2 complete billing cycles (but in no event later than 90 days) after receiving a billing error notice.

Rules Pending Resolution

Until a billing error is resolved, the following rules apply:

• The member has the right to withhold disputed amount; collection action prohibited. The member need not pay (and the credit union may not try to collect) any portion of any required payment that the member believes is related to the disputed amount (including related finance or other charges).
• Adverse credit reports prohibited. Neither a credit union nor its agent may (directly or indirectly) make or threaten to make an adverse report to any person about the member's credit standing, or report that an amount or account is delinquent, because the member failed to pay the disputed amount or related finance or other charges.
• Acceleration of debt and restriction of account prohibited. A credit union may not accelerate any part of a member's indebtedness or restrict or close a member's account solely because he/she has exercised in good faith rights provided by this section. A credit union may be subject to the forfeiture penalty under 15 U.S.C. 1666(e) for failure to comply with any of the requirements of this section.
• Permitted Credit Union Actions. A credit union may take action to collect any undisputed portion of the item or bill; deduct any disputed amount and related finance or other charges from the member's credit limit on the account; or reflect a disputed amount and related finance or other charges on a periodic statement, provided that the credit union indicates on or with the periodic statement that payment of any disputed amount and related finance or other charges is not required pending the credit union's compliance with this section.

Procedures if Billing Error Occurred as Asserted

If a credit union determines that a billing error occurred as asserted, it must do the following within the time limits of this section:

• Correct the billing error and credit the member's account with any disputed amount and related finance or other charges, as applicable; and
• Mail and deliver a correction notice to the member.

Procedures if Different Billing Error or No Billing Error Occurred

If, after conducting a reasonable investigation, a credit union determines that no billing error occurred or that a different billing error occurred from that asserted, it must do the following within the time limits of this section:

• Mail or deliver to the member an explanation that sets forth the reasons for the credit union's belief that the billing error alleged is incorrect in whole or in part;
• Furnish copies of documentary evidence of the member's indebtedness, if the member so requests; and
• If a different billing error occurred, correct the billing error and credit the member's account with any disputed amount and related finance or other charges, as applicable.

Creditor's Rights and Duties After Resolution

If a credit union, after complying with all of the requirements of this section, determines that a member owes all or part of the disputed amount and related finance or other charges, the credit union must do the following:

• Promptly notify the member, in writing, of the time when payment is due and the portion of the disputed amount and related finance or other charges that the consumer still owes;
• Allow any time period disclosed, as applicable, during which the member can pay the amount due without incurring additional finance or other charges;
• Refrain from reporting an amount or account is delinquent because the amount due remains unpaid, if the credit union receives (within the time allowed for payment under this section), further written notice from the member that any portion of the billing error is still in dispute, unless the credit union also:
   
  • Promptly reports that the amount or account is in dispute;
  • Mails or delivers to the member (at the same time the report is made) a written notice of the name and address of each person to whom the credit union makes a report; and
  • Promptly reports any subsequent resolution of the reported delinquency to all persons to whom the credit union has made a report.

A credit union may report an account or amount as delinquent because the amount due remains unpaid after the credit union has allowed any time period disclosed, as applicable, or 10 days (whichever is longer) during which the member can pay the amount.

Reassertion of Billing Error

A credit union that has fully complied with the requirements of this section has no further responsibilities under this section if a member reasserts substantially the same billing error.

[1] This disclosure applies only to fees (such as penalty or prepayment fees) that the credit union imposes if it terminates the plan prior to normal expiration. The disclosure does not apply to fees that are imposed either when the plan expires in accordance with the agreement or if the member terminates the plan prior to its scheduled maturity. In addition, the disclosure does not apply to fees associated with collection of the debt, such as attorneys’ fees and court costs, or to increases in the APR linked to the member's failure to make payments. The actual amount of the fee need not be disclosed. Return

[2] For fixed rates, a “recent APR” is one that has been in effect under the plan within the last 12 months preceding the date the disclosures are provided to the member. For variable-rate plans, a “recent APR” is the most recent rate provided in the historical example, or a rate that has been in effect under the plan since the date of the most recent rate in the table. If different payment terms may apply to the draw and any repayment period, or if different payment terms may apply within either period, the disclosures shall reflect the different payment terms. Return

[3] A credit union may terminate and accelerate under this provision only if the member actually fails to make payments. For example, a creditor may not terminate and accelerate if the consumer, in error, sends a payment to the wrong location, such as a branch rather than the credit union’s main office. If a member files for or is placed in bankruptcy, the credit union may terminate and accelerate under this provision if the member fails to meet the repayment terms of the agreement. This section does not override any state or other law that requires a right-to-cure notice, or otherwise places a duty on the credit union before it can terminate a plan and accelerate the balance. Return

[4] The change must be agreed to in writing by the member. Credit unions are not permitted to assume consent because the member uses an account, even if use of an account would otherwise constitute acceptance of a proposed change under state law. Return